Mr Cooper Group Inc (COOP)

[uzualsuzpect]

Bop post

Revised Disclosure Statement: Same Baloney, Different Day 2 minutes ago

Matt asked me for my opinion on the new DS this morning, and what follows is the substance of what I told him:

"So, they file 702 pages on Monday, and expect the court to wade through it and approve it by Wednesday. However, she's a trooper so she can and will do it.

Of course, this begs the question of why the information contained in the new DS couldn't have been included in the first DS so the court would have had from 3/26 to review its contents.

This revised DS was WMI's Gettysburg and, amazingly, it seems to have rattled a good many retailers.

Putting the tardiness aside, and viewing the DS on its merits, it is evidence of a shameful dereliction of duty by Weil and no better than its predecessor. I've stated at length what was wrong with the first disclosure statement so I won't repeat myself except to say as it discloses nothing of substance and completely obfuscates and evades the real issue: no valuation of seized assets. The most amusing feature is the last three pages: Blackstone's valuation of WMI as a going concern which completely sidesteps the critical issue of WMI's valuation on 9/25/08 and wouldn't fool informed laypeople much less Judge Walrath. It is added, of course, to give legitimacy to the remaining 703 pages, but you get the idea.

The new filing reeks of desperation (exacerbated by feedback, possibly including the Yahoo WAMUQ board's derision towards the first DS) and my prediction of disapproval is unchanged.

http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_W/threadview?m=te&bn=86316&tid=460130&mid=460130&tof=2&frt=2#460130